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Greeley [361]
3 years ago
13

(Learning Outcome 2) Watson Plumbing performed plumbing services for ABC Daycare on account for $565. How will this transaction

affect ABC Daycare's accounting equation?
Business
1 answer:
Strike441 [17]3 years ago
7 0

Answer:

ABC Daycare

Effect of Performing Plumbing Services on account on the Accounting Equation:

Assets (Accounts receivable) will increase by $565 and Equity (Retained Earnings) will equally increase by $565

Explanation:

a) Data and Analysis:

Accounts receivable $565 Service Revenue $565

The accounting equation that equals assets to liabilities and equity is always true at all times and with every correctly posted transaction.  It implies that assets are financed through the contributions made by either the owners (equity) or the creditors (debts), or a combination of the two.  This equation forms the basis for the double-entry system of financial accounting.

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Quartz Instruments had retained earnings of $145,000 at December 31, 2017. Net income for 2018 was $90,000, and dividends for 20
BigorU [14]

Answer:

(B) $205,000

Explanation:

Retained  earnings at December 31, were $145.000, with the Net Income for 2018 of $90.000 the total amount of Retained earnings up to $235.000, but as the company has paid dividends for $30.000, it means a cash out of $30.000.

So the new balance in the Retained Earnings Account it's $205.000

5 0
3 years ago
Suppose someone borrows $552,000 today to buy a house in Davis, CA. If the annual interest rate is 4%, with monthly compounding,
galina1969 [7]

Answer:

Monthly Repayment on Loan  = $2634.06

Explanation:

given data

principal =  $552,000

annual interest rate = 4% = 0.333% monthly

solution

for get here fair value monthly mortgage payment we consider here time period is 30 year = 360 months

so now we apply here Monthly Repayment on Loan formula that is

Monthly Repayment on Loan  = principal ×  \frac{r(1+r)^t}{(1+r)^t -1}    .................1

put here value and we get

Monthly Repayment on Loan  = 552000 × \frac{r(1+0.333)^{360}}{(1+0.333)^{360} -1}    

Monthly Repayment on Loan  = $2634.06

4 0
3 years ago
What are some more recent developments that have given rise to our business environment?
Citrus2011 [14]
POWER & RESPECT COMES ALONG WITH BUSINESS PLAN'S
5 0
4 years ago
Match the descriptions to economic and non-economic factors that affect a business cycle.
Sophie [7]

BANKS HAVE REDUCED INTRESTS RATES IS THE AWNSER

4 0
3 years ago
Read 2 more answers
A business organizational form in which all general partners actively participate in ownership and management and are liable for
docker41 [41]

Answer:

General partnership

Explanation:

General partnership is a business organization, whereby two or more partners agrees to share the profit, loss and liability that arises from business operation. What this means is that each partner actively participate in the operations of the business and should the company owe any debt, any of the partners may be sued for the business debt including seizure of the owners assets.

One of the advantages of general partnership is the ease of flexibility to structure their business as they deemed fit hence are able to closely monitor and control operations.

4 0
4 years ago
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